All Forum Posts by: Drew Denham

I've had really good luck with toasty grey by Glidden... its a brownish grey.. combined with high gloss trim paint.... stands out!

My go to is "understated" by Behr (light tan)... I use in all my flips and rentals now.

Paint the whole house this color, same base, whenever the renters move out its just a quick one coat to get it back to brand new again.

I would not suggest white walls, I did it once with a rental and there were finger prints and scuffs everywhere (of course, part of it was picking bad tenants :))))

I'm in a similar situation - found a duplex but only 1 furnace and 1 hot water heater. Love the area, and the place has updated windows roof and siding. What are some options? Include a certain amount of gas, electric and water in the rent, I pay the utilities up front and do a quarterly true up with the tenants? Is that legal? Lock box on the thermostat? Not sure its worth going down a road of installing another furnace, hot water heater, etc. 

@Scott L.

Rhonda Rowland Found two off market properties which the home owners owe more than I want to pay. Any suggestions?

Nick Graff I've found two off market properties where the sellers owe more than what I would want to pay for a flip or rental. What can I do? One is two months late and ready to turn over the keys and the other is current but is also ready to hand in the keys. Thanks!

@Brent Coombs

Either way this lady is leaving this house and the bank can take a $20K offer or not. I see it as an opportunity. If I can buy the house for lower 20's, give this lady a couple thousand dollars, and the bank avoids more neglect on the house and foreclosure costs, then everyone wins. 

I purchased a house for $36K last year and i'm deciding whether I want to flip or BRRRR and keep it forever. Its in an A+ area, 3 bed, 2 bath, garage, and outbuilding.

$36K PP, est budget $50-60K, ARV $140-150K.

I could rent in for $1250-$1300 per mo, positive cash flow of around $300 per mo - 20 year note, no property manager, assuming vacancy, capex, maintenance, taxes, insurance and P&I.  Loan of $80K or so.  

It probably comes down to what my WHY is?? I want to get out of my Corporate America job and do this full time. 

Do I take the lump sum and run or stick to the positive cash flow game?? I'm just trying to see what others in my situation have done, what works, what doesn't. 

Thanks!

Drew D

I put an add up on CL, 'I'll buy your house", lady called me and the numbers are just too high (payoff is 30K) for me to take the deal. It's a sad situation because she is just going to give the bank back the house and live in her van. I asked her if I could try to do a short sale and then give her $2K cash to help her out. She agreed (her credit is already bad). I'm going to call the bank tomorrow but just not sure how to structure the conversation. 

Thoughts?

Owes $30, I want it for $20K (plus $2k to owner = $22K). ARV is $80K.

Cash deal 

Hi @Jesse Gargus-Smith

I'm driving through Mt. Pleasant this weekend, would be interested in hearing more information.

Only information I have so far:

10 unit - asking price $340K, gross monthly rent $4750 (rent is under market value).  Realtor said the seller will not budge off of price. The property has been listed for 2 years apparently. 

16 unit - asking price $425K, gross monthly rent $7500, owner has had it for 40 years, LC term possible. For sale by owner - new this week. 

Next steps? determine the C on C return? Cap rate? Monthly cash flow? 

I have three single family rentals, but I am really looking to get into the multi family business (quit my corporate job). 

@Matt Souza

Matt - Shellie Schlicker in Bay City can help you out. PM if you want more details.